The Rockwell Diamonds said that the High Court of South Africa has appointed to its subsidiary Rockwell Resources RSA, HC van Wyk Diamonds and mine Saksandrift (Saxendrift) provisional liquidators. Meanwhile, the company will retain control of the firm.
According to the miner, the three companies continue to operate, and the staff continues to work.
Late last month, Rockwell promptly filed a petition in the Court Kimberley in South Africa on the transfer to a closer deadline date of consideration of the case on the Elimination of its subsidiaries, the excited C-Rock Mining. In this March 23, 2017 the case was made an interim order on the Elimination of firms.
Final hearing date was originally scheduled for June 22, 2017, but on the basis of an application for urgent consideration of the case, it was postponed to April 12, 2017.
Listening, however, it was postponed until today (April 19) due to the fact that the High Court Kimberly is currently on vacation.
Meanwhile, in Rockwell announced the submission of applications for the business reorganization.
"Thanks to the application for the reorganization of a business, any decision to liquidate is automatically linked," - said in a statement.
"In the case of a successful filing for reorganization of business applications will be assigned to a specialist in rehabilitation, which will work with the company for restructuring cases, search of deposits and the consent of the creditors, as well as the review of strategic alternatives," - added to Rockwell.
Rockwell shares trade on the TSX Exchange has been suspended in anticipation of a possible delisting. In addition, the company voluntarily appealed to the JSE Stock Exchange, to trade its shares on it and stopped.
TSX intends to consider the possibility of delisting at the end of the final hearing on the application for liquidation.
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The company Stellar Diamonds announced the discovery of diamond weighing 55 carats belonging to her 75% of the kimberlite project Baul (Baoulé) in Guinea.
In a statement sent to Rough & Polished, the company said that the discovery of the diamond has confirmed the presence of large stones in the rock on Baul.
"We are very pleased with the fact that we managed to find this 55-carat diamond. This finding confirms the fact that the Baul tube can be a source of large diamonds that are mined in the alluvial deposits of the site for many years. The size of some of these diamonds exceed 100 carats, - said General Director of Stellar Karl Smithson (Karl Smithson) -. we have carefully studied the stone that resembles a diamond like "board", and inside can contain diamonds of higher quality at Baule, we continue to mine diamonds jewelry. quality up to 12 carats. "
Smithson said that test drilling and processing of rock kimberlite completed by about 63%. Now the company is on the way to the end of mining operations and processing 100,000 tons of rock in the third quarter.
Nevertheless, the completion of the work will depend on whether the Stellar sufficient working capital.
As part of the trial mining company benefited 8043 carats with an average stone content is 12.7 carats per hundred tons of rock.
Proceeds from the Baule from diamond sales to date is approximately $ 700 thousand. From the sale of 5173 carats, concluded in Stellar.
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